The ABC of Business Incubation

Business Incubator (Definition adopted by the International Summit of Associations)

A Business Incubation Program is an economic and social development process designed to advise potential start-up companies and, through a comprehensive business assistance program, help them establish and accelerate their growth and success. The main goal is to produce successful businesses that will leave the program, in a timely manner, financially viable and freestanding. These graduates create jobs, revitalize communities, commercialize new technologies and create wealth for local and national economies.

Critical to the success of a Business Incubation Program is:
- Management that develops and orchestrates business, marketing and management resources and relationships tailored to the needs of the business clients
- Shared services, training, technology support and equipment
- Selection of clients and an acceleration process by which businesses become more independ-ent and progress to graduation
- Assistance in obtaining the financing necessary for business growth
Business Incubation Programs gain added value by providing access to appropriate rental space and flexible leases in an incubator facility

This definition was adopted by the International Summit of Associations in Richmaond USA, may 2003